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Anchor Inc. is a retailer that acts as an intermediary for buyers and sellers. As a
marketing intermediary, it serves several functions that include buying, selling, and
assuming title risks for a manufacturer's products. Apart from them, it has to serve the
function of facilitating a purchase order. In order to do so, which of the following
should the company do?
A. Inspect, test, and judge products to assign them quality grade.
B. Create product assortments from several sources to serve customers.
C. Physically move products to customers.
D. Assemble products at a convenient location to offer better customer service.
Answer:
_____ is the most common type of consumer decision process, and it is seen in
operation in the way consumers purchase most packaged goods.
A. Limited decision making
B. Extensive decision making
C. Routine decision making
D. Alternative evaluation
Answer:
Helene works in the HR department of Seven Hills Diagnostic Centre. The
administration department has informed Helene that many of the new nurses and
attendants who have joined often leave before their shift ends by having someone forge
their signature on the attendance sheets. When Helene confronted some of these nurses,
they grew defensive and accused Helene of making baseless claims. Helene is now
considering having a fingerprint recognition device installed to record employee
attendance. Helene is currently in the _____ stage of the organizational buying process.
A. purchase activity
B. postpurchase evaluation
C. organizational need
D. vendor analysis
Answer:
HealthPro cereal ads show the cereal being used as a topping on yogurt, as a snack food
when topped with honey, and served hot as an alternative to oatmeal. In this case,
HealthPro is using a positioning strategy based on:
A. superiority to competitive products.
B. consumer lifestyles.
C. particular types of product users.
D. use or application.
Answer:
Dexo Inc. plans to launch a new version of its beverage, Lime n' Lemon. The new
variant will be similar to the current Lime n' Lemon in terms of taste and packaging, but
it will be fortified with vitamins and minerals. The company decides to market the new
drink as Lime n' Lemon Extreme. Which of the following new product categories does
this new beverage fall into?
A. New-to-the-world products
B. New-to-the-firm products
C. Improvements and revisions of existing products
D. Product repositionings
Answer:
An employee was terminated for withholding information related to the purchase of a
new software. The employee was aware that it was buggy software but did not disclose
this to his employers since the software manufacturer had bribed the employee. Prior to
termination, the employee was a _____ in his company's buying center.
A. initiator
B. decider
C. gatekeeper
D. influencer
Answer:
Identify the approach in which the marketing manager decides on the appropriate basis
for segmentation in advance of conducting a research study on a market.
A. A priori segmentation approach
B. Post hoc segmentation approach
C. Empirical approach
D. Psychographic approach
Answer:
With regard to new product development, the success of a new product:
A. does not guarantee that additional low-cost brand extensions will be successful.
B. does not allow a brand to leverage monies spent on the original product to
successfully develop a new product.
C. ensures quick development of other products in different product classes from the
same brand.
Answer:
_____ is a form of branding, whereby a company attaches the corporate name to a
product to enter either a new market segment or a different product class.
A. Multibranding
B. Franchise extension
C. Generic branding
D. Line extension
Answer:
Significant modeling by managers primarily requires them to perform the task of:
A. emphasizing on teaching employees to have a good attitude.
B. demonstrating the behavior that they intend to reward employees for performing.
C. defining the skills the service person must bring to the job.
D. adopting a careful selection process in hiring frontline employees.
Answer:
Which of the following is a difference between the Americans belonging to the working
class and lower Americans?
A. The working class pursues ease of labor and leisure, while lower Americans do not.
B. The working class does not focus on the mechanical and recreational, while lower
Americans do focus on them.
C. The working class has little access to education or resources, while lower Americans
receive free education from the State.
D. The working class places little or no emphasis on family ties while lower Americans
depend heavily on relatives for emotional support.
The working class comprises people who are "family folk" who depend heavily on
relatives for economic and emotional support. For them, "keeping up with the times"
focuses on the mechanical and recreational, and thus, ease of labor and leisure are what
they continue to pursue.
Answer:
Which of the following is an example of the service quality assurance?
A. A doctor is highly trained in a particular specialty.
B. Employees are always visible in a hotel lobby dusting or otherwise cleaning up.
C. A college professor who returns a student's call on the same day.
D. Flight attendants on a customer's regular route learn what type of beverages the
customer drinks and what magazines the customer reads.
Answer:
Classics Corp. has been focusing their production efforts entirely on creating intricate
artifacts and other collectibles. However, in light of stiff competition and demand, they
decide to expand their product class by introducing their first line of dinnerware. In
which of the following new product categories would the dinnerware fall?
A. New-to-the-world products
B. New-to-the-firm products
C. Additions to existing product lines
D. Product improvements
Answer:
Which of the following observations is true of new product policy?
A. Policy-making criteria on new products should specify a working definition of the
profit concept that is acceptable to top management.
B. There should be no specific time period for the product to become operational as this
disturbs the new product development process.
C. When developing a new product policy, a company should focus on consumer
satisfaction levels rather than the product's economic contribution.
D. A short-term focus is sufficient for an effective new product policy in order to gain
competitive advantage.
Answer:
In _____ distribution, a manufacturer limits the use of intermediaries to the ones
believed to be the best available in a specific geographic area.
A. extensive
B. geo-demographic
C. intensive
D. selective
Answer:
In the past, marketing researchers were not extensively involved in:
A. engaging in the technical aspects of the research.
B. designing their research studies.
C. making strategic recommendations based on research.
D. collecting data.
Answer:
For many years, the traditional approach to selling emphasized _____ of a product or
service as the culmination of the sales process.
A. the initial development
B. the first-time sale
C. maximized sales
D. prospecting sales
Answer:
In the consumer markets, _____ are used in organizational markets when manufacturers
do not wish to have their own sales force.
A. wholesalers
B. distributors
C. agents
D. retailers
Answer:
In which of the following scenarios is new task purchase most likely to be used?
A. For the purchase of a pair of shoes
B. For the purchase of real estate
C. For the purchase of a mattress
D. For the purchase of grocery items
Answer:
Which of the following factors of Michael Porter's diamond model refers to the
conditions in the nation that govern how companies are created, organized, and
managed, and how intensely they compete domestically?
A. Company strategy, structure and rivalry
B. Demand conditions
C. Related and supporting industries
D. Factor conditions
Answer:
A marketer of yo-yos wants to know how an increase in price will affect its sales. It
uses a test store where it increases the price of the yo-yos by fifteen percent and then
studies its impact on sales. Comparing its sales in the test store with those in other
stores provides information about the likely impact of a price change in the overall
market. Identify the type of market research method most likely used in this scenario.
A. Experimental research
B. Mathematical modeling
C. Observational research
D. Focus group
Answer:
Which of the following does a multibranding strategy involve?
A. Companies marketing their brand jointly with that of their competitors
B. Companies assigning different brand names to each of their products
C. Companies attaching their corporate name to a product to enter a different product
class
D. Companies assigning different brand names to the same products in different outlets
Answer:
Warner Implants, a pioneer in the industry for medical implants, launched a
revolutionary cardiac implant in the year 2000. As a part of its promotional strategy, the
marketing team at Warner Implants conducted individual discussions with a few
customers. The discussions were aimed at understanding the meaning its implants
brought to the lives of these customers. This scenario best illustrates the use of _____ as
a mode of research.
A. observation
B. mathematical modeling
C. experiments
D. long interviews
In this scenario, the marketing team at Warner Implants is using long interviews as its
mode of research. Long interviews are designed to find out such things as the meanings
various products or brands have for an individual or how a product influences a person's
life.
Answer:
In which of the following stages of the new product development process is a
development budget established and some preliminary marketing and technical research
undertaken?
A. Idea generation
B. Project planning
C. Test marketing
D. Commercialization
Answer:
Which of the following is an example of a marketing source of information for making
a purchase decision?
A. An advertisement for a brand of macaroni and cheese
B. Previous experience with a car brand
C. An independent movie review
D. A friend's review on a brand of doughnuts
Answer:
